>> we do need to deal with long term fiscal health and we do need real tax reform but we ought to be guided by president obama's own simpson-bowles commission which said that we need to combine this kind of tax reform, closing loopholes, with lowering rates, particularly lowering rates on corporate taxation so we're more competitive with the rest of the world. if we are going to expend, use up these loopholes to pay for new spending or to avoid the kind of budget cutting that we need to do or the kind of entitlement reform, i mean, some of the entitlement reform that has been proposed, a different way of calculating the cola, cost of living adjustment which would amount to literally pennies a day for people, it would not be a crippling kind of cut, that is what needs to be done and needs to be addressed right away. >> i don't get it, though. they can't cut 2.9% of the budget on spending. that seems to be a small amount. we should be able to do it. but they can't do that. when it comes to raising taxes, nobody actually wants to raise them because they will raise them on a lot of people.